"The number one reason we use MJ Freeway is because they are web based so I can access store data remotely from anywhere in the world on my iPad or iPhone and that's important to me," Sanders said. "But we have to double data entry a lot of information so eventually we will write our own software because we need feature rich reporting."

MJFreeway.com has three different modules depending on type of cannabis business. GrowTracker is for cultivators, MixTracker is for processors and manufacturers, while GramTracker is for retail operations, inventory and point of sale transactions.

Pricing includes a one-time startup and monthly fee, which can range from $149 to $249 per month.

"The tiers are based on different feature sets and offer unlimited transactions, unlimited number of patients or customers in the system and unlimited number of managers, employees and bud tenders," said Amy Poinsett, co-founder and chief executive officer with MJ Freeway.

The company also offers state compliance tools.

"If the state asks for a certain label, we can build it into the label template so that it can be printed and put on the package," said Jessica Billingsley, co-founder and chief operating officer with MJ Freeway.

Billingsley was an early investor in a Boulder-based medical marijuana dispensary in 2009. When a bill passed in Colorado that disallowed out-of-state investors from involvement in cannabis companies, Billingsley sold her interest in the dispensary and went to market with Poinsett, launching MJ Freeway in 2010.

There was nothing on the market at the time that served the needs of weighing and tracking cannabis that worked to meet a medical dispensary's needs," Poinsett told MainStreet. "It was a side project at first. We are now several double downs later."

MJ Freeway software tracks every gram of cannabis from seed-to-sale, so that any source of loss can be identified immediately.

"Cannabis is very expensive and with our software you can be assured there's no diversion," Billingsley said. "If a bud tender is weighing too heavily for customers or pocketing supply, our tracking software would indicate that."

Competitors in the medical marijuana dispensary software market include Agrisoft Development Group and BioTrackerTHC.

"We chose MJ Freeway because BioTracker is not web-based and Agrisoft had just launched and were still in beta when we talked to them," Sanders said.

Although the founders of MJ Freeway are among the entrepreneurs who pitched through the ArcView Group Investor Network in 2011 for funding, the pair became profitable on their own.

"We did not secure funding through ArcView though we did secure several bridge loans," Poinsett said. "We self funded and are gaining new customers every day."

MJ Freeway operates in 16 of the 22 states that legally peddle medical marijuana.

"We have since joined ArcView as investor members and are looking for acquisition targets that would expand our platform and potential market share," said Billingsley who attended the ArcView Group Investor Network in Boston in April along with Poinsett.